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How can film and TV workers cope with Hollywood slowdown? Financial experts offer tips

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How can film and TV workers cope with Hollywood slowdown? Financial experts offer tips

For many film and TV industry professionals, it’s getting increasingly hard to wait for the production rebound that was widely expected after the strikes by writers and actors ended.

Cyd Wilson, executive director of the SAG-AFTRA Foundation, said the foundation’s emergency fund was getting 100 applications for assistance per day at the height of the strike; it’s down to about 10 a day now. But the problems have spread, from members with limited incomes from acting to the profession’s working class, she said.

“We are now seeing people who have earned $100,000, $200,000 a year” applying for help, Wilson said. “Those people have gone through all of their savings, they’ve tapped into their 401(k)s.”

Financial experts say that the best way to weather times like these is to have crafted a budget that helped you save while work was plentiful. But it’s not too late to make some money moves, budget or no budget, that can help keep you going until production returns to normal.

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Here are some of the top suggestions for stretching dollars and ginning up extra income.

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Know where your money is going

Justin Pritchard, a certified financial planner in Montrose, Colo., said the first thing to do is to understand exactly what you’re spending your money on every month. “You may see some light bulbs go on or be surprised at where the money is going,” he said.

“One of the most common mistakes,” said Paco de Leon, a personal finance expert, author and host of the “Weird Finance” podcast, “is just not having any oversight over your finances and hoping it will all work out.”

Most people have two big-ticket items — housing and transportation — and the choices made there are the ones that really move the needle, said Neela Hummel, a certified financial planner in Santa Monica. Can you share your apartment or home to split the costs? Downgrade from a new Audi to a used Kia to slash your monthly payment?

In either case, Hummel said, the question is whether you’re enjoying the home or car enough to justify all the other things you’d have to give up to keep it.

Food is a third major expense. Joanne Danganan, a Los Angeles-based financial counselor and coach, said she tells her clients that the first thing to look at is how much they’re spending on dining out. If you don’t have the bandwidth to grocery shop and cook, she said, a good middle ground is to sign up for a service that supplies prepared meal kits.

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Make a plan (and get help doing it)

As important as it is to understand your current spending habits, you also need to come up with a plan for narrowing the gap between your total spending and your sluggish current income. De Leon said the key is “making a little bit of progress every week.”

Hummel said it helps to get expert advice as soon as your finances are rocked by a big event (such as a strike). “We spend a lot of time undoing things that we wish we could have gotten to before those decisions were made,” she said.

In addition to professionals who charge for their services, film and TV professionals have access to several free sources of advice on budgeting and finances. A good place to start is the Entertainment Community Fund, formerly known as the Actors Fund, which offers a multipart financial wellness program, as well as workshops on financial guidance, career-related concerns and housing issues, among many other topics.

All of the sessions are virtual at the moment, and open to anyone who identifies as part of the creative community.

“One of the strengths of our organization is that we provide wrap-around services,” said Tina Hookom, the fund’s director of social services. People who come in for help with one issue — they need affordable housing, for example — will be connected to a full range of resources.

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The Times also offers a free newsletter series on budgeting and personal finances called “Totally Worth It,” which you can sign up for below.

Look for new sources of income

“I have advice that nobody wants to hear, which is, do whatever you can to bring cash to your household,” de Leon said. That applies whether you think the current troubles are just a blip or a foretaste of the job losses that technological changes are bringing to the industry, she said.

She suggested starting your search for more work by tapping the network of contacts you’ve made. Focus on people beyond your immediate circle of friends, she said, because most opportunities often come from contacts a few degrees removed from you.

Danganan suggested becoming a coach or tutor online, offering to teach what you learned working in the film and TV business to students within the industry — and outside it. “There are plenty of industry folks who have transferable skills,” she said.

For example, Hummel said, a manager of production facilities could work as an event planner; or a TV writer could edit copy. To figure out where you might apply your skills, she said, think not about your job title, but about what you actually do.

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Temp agencies are good sources of short-term gigs and of ideas for how to put Hollywood know-how to work in other industries.

Hookom said just because you may need to look outside the industry for more income, that doesn’t mean giving up on a career in entertainment. She urged struggling workers to sign up for workshops at the Entertainment Community Fund’s career center, which are designed to get people to think strategically about their situations.

The center can connect you to resources for freelancers, entrepreneurial opportunities and meaningful work that’s not far removed from what you’re doing now, she said. If necessary, it can also help prepare you for a transition out of the entertainment business.

Negotiate your bills and interest rates

Lately, Hookom said, the Entertainment Community Fund has been seeing industry professionals dealing with a lot of debt. One of its financial wellness workshops deals specifically with how to manage debt, including negotiating with creditors for more favorable payment terms.

Credit card companies can be talked into lowering the interest rates they charge on unpaid balances. You may also be able to move the due date for your next payment back, either on the company’s website or by phone.

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Medical debt is often negotiable too. Like gas stations, healthcare providers will often offer a lower price to people paying cash, so if you’re uninsured or underinsured, that’s an option worth exploring. Many providers will agree to a payment plan as well. Before you start paying any large bills, though, make sure to get an itemized list of the charges so you can make sure it’s accurate.

Another option for hospital debt, according to NPR’s Life Kit team: seeing if you qualify for the institution’s charitable care program. Federal tax law requires nonprofit hospitals to offer free or discounted care to lower-income patients, so it’s worth exploring. The website for Dollar For, an advocacy group for patients, offers help in determining whether you’re eligible.

Also, how old is your debt? In California, the statute of limitations for suing to collect a debt is four years in most cases. If it’s been more than four years since your last payment on the amount you owe, you can’t be sued for the balance, although debt collectors can still ask you to pay it anyway.

Don’t dig a deeper hole

If you are carrying a balance on multiple credit cards and have other bills that are generating interest charges, one possible action is a loan to consolidate all those debts into one monthly bill. The potential benefit here is that you might be able to find a loan with a lower interest rate than your credit card charges; according to Bankrate.com, the average interest rate for a personal loan was 12.22%.

The downside, though, is that clearing your credit card debt could backfire if you kept spending more on those cards than you could afford to pay off each month. These consolidation loans also may have high or hidden fees; for a good guide to how the loans work and what to consider, see these explainers from Credit Karma and NerdWallet.

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A second possibility is transferring debts on old credit cards to a new one with a low introductory interest rate. Plenty of banks are offering 0% interest on transferred balances for up to 18 months; you could save hundreds to thousands of dollars in interest charges if you’re able to pay off your balance during that period, even after factoring the transfer fee.

If you’re burdened by federal student loan debt, consider a new income-based repayment method from the U.S. Department of Education called the Saving on a Valuable Education Plan that has several advantages over its predecessors. The monthly payments are lower, and borrowers who make their full income-based payments will have any excess interest charges waived. Under previous plans, if your income is so low that your monthly payment doesn’t even cover the interest charges on your loan, the unpaid interest is added to the amount you owed.

Times staff writer Jessica Roy contributed to this report.

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California-based company recalls thousands of cases of salad dressing over ‘foreign objects’

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California-based company recalls thousands of cases of salad dressing over ‘foreign objects’

A California food manufacturer is recalling thousands of cases of salad dressing distributed to major retailers over potential contamination from “foreign objects.”

The company, Irvine-based Ventura Foods, recalled 3,556 cases of the dressing that could be contaminated by “black plastic planting material” in the granulated onion used, according to an alert issued by the U.S. Food and Drug Administration.

Ventura Foods voluntarily initiated the recall of the product, which was sold at Costco, Publix and several other retailers across 27 states, according to the FDA.

None of the 42 locations where the product was sold were in California.

Ventura Foods said it issued the recall after one of its ingredient suppliers recalled a batch of onion granules that the company had used n some of its dressings.

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“Upon receiving notice of the supplier’s recall, we acted with urgency to remove all potentially impacted product from the marketplace. This includes urging our customers, their distributors and retailers to review their inventory, segregate and stop the further sale and distribution of any products subject to the recall,” said company spokesperson Eniko Bolivar-Murphy in an emailed statement. “The safety of our products is and will always be our top priority.”

The FDA issued its initial recall alert in early November. Costco also alerted customers at that time, noting that customers could return the products to stores for a full refund. The affected products had sell-by dates between Oct. 17 and Nov. 9.

The company recalled the following types of salad dressing:

  • Creamy Poblano Avocado Ranch Dressing and Dip
  • Ventura Caesar Dressing
  • Pepper Mill Regal Caesar Dressing
  • Pepper Mill Creamy Caesar Dressing
  • Caesar Dressing served at Costco Service Deli
  • Caesar Dressing served at Costco Food Court
  • Hidden Valley, Buttermilk Ranch
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They graduated from Stanford. Due to AI, they can’t find a job

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They graduated from Stanford. Due to AI, they can’t find a job

A Stanford software engineering degree used to be a golden ticket. Artificial intelligence has devalued it to bronze, recent graduates say.

The elite students are shocked by the lack of job offers as they finish studies at what is often ranked as the top university in America.

When they were freshmen, ChatGPT hadn’t yet been released upon the world. Today, AI can code better than most humans.

Top tech companies just don’t need as many fresh graduates.

“Stanford computer science graduates are struggling to find entry-level jobs” with the most prominent tech brands, said Jan Liphardt, associate professor of bioengineering at Stanford University. “I think that’s crazy.”

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While the rapidly advancing coding capabilities of generative AI have made experienced engineers more productive, they have also hobbled the job prospects of early-career software engineers.

Stanford students describe a suddenly skewed job market, where just a small slice of graduates — those considered “cracked engineers” who already have thick resumes building products and doing research — are getting the few good jobs, leaving everyone else to fight for scraps.

“There’s definitely a very dreary mood on campus,” said a recent computer science graduate who asked not to be named so they could speak freely. “People [who are] job hunting are very stressed out, and it’s very hard for them to actually secure jobs.”

The shake-up is being felt across California colleges, including UC Berkeley, USC and others. The job search has been even tougher for those with less prestigious degrees.

Eylul Akgul graduated last year with a degree in computer science from Loyola Marymount University. She wasn’t getting offers, so she went home to Turkey and got some experience at a startup. In May, she returned to the U.S., and still, she was “ghosted” by hundreds of employers.

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“The industry for programmers is getting very oversaturated,” Akgul said.

The engineers’ most significant competitor is getting stronger by the day. When ChatGPT launched in 2022, it could only code for 30 seconds at a time. Today’s AI agents can code for hours, and do basic programming faster with fewer mistakes.

Data suggests that even though AI startups like OpenAI and Anthropic are hiring many people, it is not offsetting the decline in hiring elsewhere. Employment for specific groups, such as early-career software developers between the ages of 22 and 25 has declined by nearly 20% from its peak in late 2022, according to a Stanford study.

It wasn’t just software engineers, but also customer service and accounting jobs that were highly exposed to competition from AI. The Stanford study estimated that entry-level hiring for AI-exposed jobs declined 13% relative to less-exposed jobs such as nursing.

In the Los Angeles region, another study estimated that close to 200,000 jobs are exposed. Around 40% of tasks done by call center workers, editors and personal finance experts could be automated and done by AI, according to an AI Exposure Index curated by resume builder MyPerfectResume.

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Many tech startups and titans have not been shy about broadcasting that they are cutting back on hiring plans as AI allows them to do more programming with fewer people.

Anthropic Chief Executive Dario Amodei said that 70% to 90% of the code for some products at his company is written by his company’s AI, called Claude. In May, he predicted that AI’s capabilities will increase until close to 50% of all entry-level white-collar jobs might be wiped out in five years.

A common sentiment from hiring managers is that where they previously needed ten engineers, they now only need “two skilled engineers and one of these LLM-based agents,” which can be just as productive, said Nenad Medvidović, a computer science professor at the University of Southern California.

“We don’t need the junior developers anymore,” said Amr Awadallah, CEO of Vectara, a Palo Alto-based AI startup. “The AI now can code better than the average junior developer that comes out of the best schools out there.”

To be sure, AI is still a long way from causing the extinction of software engineers. As AI handles structured, repetitive tasks, human engineers’ jobs are shifting toward oversight.

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Today’s AIs are powerful but “jagged,” meaning they can excel at certain math problems yet still fail basic logic tests and aren’t consistent. One study found that AI tools made experienced developers 19% slower at work, as they spent more time reviewing code and fixing errors.

Students should focus on learning how to manage and check the work of AI as well as getting experience working with it, said John David N. Dionisio, a computer science professor at LMU.

Stanford students say they are arriving at the job market and finding a split in the road; capable AI engineers can find jobs, but basic, old-school computer science jobs are disappearing.

As they hit this surprise speed bump, some students are lowering their standards and joining companies they wouldn’t have considered before. Some are creating their own startups. A large group of frustrated grads are deciding to continue their studies to beef up their resumes and add more skills needed to compete with AI.

“If you look at the enrollment numbers in the past two years, they’ve skyrocketed for people wanting to do a fifth-year master’s,” the Stanford graduate said. “It’s a whole other year, a whole other cycle to do recruiting. I would say, half of my friends are still on campus doing their fifth-year master’s.”

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After four months of searching, LMU graduate Akgul finally landed a technical lead job at a software consultancy in Los Angeles. At her new job, she uses AI coding tools, but she feels like she has to do the work of three developers.

Universities and students will have to rethink their curricula and majors to ensure that their four years of study prepare them for a world with AI.

“That’s been a dramatic reversal from three years ago, when all of my undergraduate mentees found great jobs at the companies around us,” Stanford’s Liphardt said. “That has changed.”

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Disney+ to be part of a streaming bundle in Middle East

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Disney+ to be part of a streaming bundle in Middle East

Walt Disney Co. is expanding its presence in the Middle East, inking a deal with Saudi media conglomerate MBC Group and UAE firm Anghami to form a streaming bundle.

The bundle will allow customers in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE to access a trio of streaming services — Disney+; MBC Group’s Shahid, which carries Arabic originals, live sports and events; and Anghami’s OSN+, which carries Arabic productions as well as Hollywood content.

The trio bundle costs AED89.99 per month, which is the price of two of the streaming services.

“This deal reflects a shared ambition between Disney+, Shahid and the MBC Group to shape the future of entertainment in the Middle East, a region that is seeing dynamic growth in the sector,” Karl Holmes, senior vice president and general manager of Disney+ EMEA, said in a statement.

Disney has already indicated it plans to grow in the Middle East.

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Earlier this year, the company announced it would be building a new theme park in Abu Dhabi in partnership with local firm Miral, which would provide the capital, construction resources and operational oversight. Under the terms of the agreement, Disney would oversee the parks’ design, license its intellectual property and provide “operational expertise,” as well as collect a royalty.

Disney executives said at the time that the decision to build in the Middle East was a way to reach new audiences who were too far from the company’s current hubs in the U.S., Europe and Asia.

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